Chocolate Finance Takes Major AUM Hit
Singapore-based Chocolate Finance has seen a significant decrease in client assets after the withdrawal saga. However, its CEO remains positive and views the experience as proof of the firm’s ability to fulfill high volumes of customer requests.
Chocolate Finance saw S$500 million ($374 million) in net withdrawals with its assets under management dropping by around 40 percent, according to a «Business Times» report. However, founder and CEO Walter de Oude insists this is not a «meltdown» but instead sees it as a success that the firm was able to handle the higher number of withdrawals in an automated and orderly manner.
As of February this year, Chocolate had over 60,000 customers and nearly S$1 billion in assets under management.
Withdrawals Completed
The Singapore-based asset manager was under pressure to process numerous withdrawals after customers responded negatively to a decision to change its policy for a miles reward system. De Oude said the firm takes responsibility for not doing a better job communicating the move.
According to a statement by Chocolate, 100 percent of the redemption requests received between March 10 and 18 have been successfully processed and paid out as of the end of March 21.
«Chocolate Finance appreciates its customers’ patience and remains focused on delivering a secure and rewarding financial experience,» it added.
